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The Economics of Culture and the Arts

Both artists and athletes perform for others. When governments get involved it either is for subsidies or censorship. Neither is satisfactory.

If you talk about something in human life without putting it in the context of economics, you're leaving out the reason why it even exists. Why do things and ideas need a reason to exist? Because it's good for every person to be able to think critically about what's really important in society and to have the best knowledge possible so they can best serve the public.

The arts are a great part of our society because they show off the talents of different people so that everyone can enjoy them. What does the economy have to do with the arts in our culture? When we look at the economy from the customer's point of view, there are a number of things we can both enjoy and learn from.

Art is defined as the conscious use of thought to make things that are meant to be looked at or enjoyed because they are beautiful. But I think this doesn't go far enough when it comes to modern forms of entertainment like sports, martial arts, theater, and other forms of entertainment. In fact, the economic value of entertainment is the most important thing we need to know to fully enjoy the arts we see around us. Culture needs to be amused by the art that is made available.

When we try to figure out how many people enjoy themselves by looking at art and thinking about it, we learn a lot about what art means in this economic situation. Today's content factories, like social media sites, give people a way to make fun for a large number of people. Athletes are artists who perform in front of big groups to show off their skills. People can and want to be entertained, which makes it necessary for artists to make many different kinds of entertainment.
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From this point of view, we can see that art is closely tied to the market phenomenon that many of us from the Austrian school like to talk about. In fact, it is so focused on the market that the government has only two ways to affect the arts market: control or subsidies. Most governments in the West choose to give money to some arts and leave the market for other arts pretty open. These arts that get money from the government tend to ignore the entertainment market and are free to make art that doesn't meet the market standard. Whether it's the neighborhood theater getting money from the city or the federal government's influence on Hollywood, these things will always go against the market and affect the rest of culture, even though they don't make enough money to do so.

Because both the human mind's ability to be entertained and the government's influence on the arts are on opposite ends of the spectrum, the market will find a way to entertain people without the government's help. New games will be made, new skills will be tried out, and new ideas will be drawn or written down not because the government says so, but because people want to have fun and enjoy themselves and the people around them.

Art can have both a low and a high desire for time. The best artists in every area leave their mark on future generations. Their work stands the test of time and reaches people who didn't live in the time when it was made. When soccer games are broadcast on TV, people at home and around the world can watch beautiful goals being scored live and in the future. In the far future, archaeologists will look at how Joe Rogan has changed the way people talk about current social issues and the world in general. He is the best example of how the art market has turned on its head and flipped the table over to make and spread many new kinds of art.

Art is how the present is left on the future. There will never be a better person to spread our ideas or give them a voice. It only takes one person to take action or have an idea to change a million thoughts. Nobody leaves a legacy by chance.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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